NEWS RELEASE - 3M to Acquire Meguiar's, Inc.
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  1. #1
    Director of Global Training, Events & Consumer Relations Mike Pennington's Avatar
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    NEWS RELEASE - 3M to Acquire Meguiar's, Inc.

    NEWS RELEASE - 3M to Acquire Meguiar's, Inc.


    ST. PAUL, Minn., Sep 08, 2008 (BUSINESS WIRE) -- 3M announced today it has entered into an agreement to acquire Meguiar's Inc., the 100-year-old family business that manufactures the leading Meguiar's brand of car care products for cleaning and protecting automotive surfaces. Terms of the transaction were not disclosed.

    Meguiar's brings its renowned products and proud history--from its beginnings providing Mirror Glaze polishes and waxes for professional use to today's top-of-the-line products for everyone dedicated to maintaining a brilliant finish on their vehicles--to 3M's range of automotive aftermarket products. Meguiar's products include waxes, polishes, cleaners, conditioners and protectants for the automotive and marine markets.

    "The addition of Meguiar's builds on our professional offering for the automotive industry and brings the expertise of Barry Meguiar in the growing enthusiast market for car care products," said Ian Hardgrove, vice president, 3M Automotive Aftermarket Division. "Together, Meguiar's and 3M will collaborate to deliver even more innovative high performance products for enthusiasts around the world."

    Car enthusiasts know Meguiar's not only for its products but also for its presence at thousands of car shows across the country featuring every type of collector car from hot rods and muscle cars to exotic sports cars to vintage classics. Through Meguiar's internationally syndicated, multimedia broadcasting network, people with a passion for cars can experience major automotive events and the latest collector car hobby news.

    "Combining with 3M will greatly enhance our ability to serve and support Car Crazy people on a global basis," said Barry Meguiar, president and CEO, Meguiar's Inc. "We are excited about the opportunity to grow our business by joining forces with one of the world's great global companies--working together to increase our support of the car hobby worldwide."

    3M's Automotive Aftermarket Division provides a comprehensive line of 3M products for auto body repair professionals and auto enthusiasts. Products include abrasives and accessories, performance cleaning products, waxes, masking tapes, panel bonding adhesives, general adhesives coatings and sealers, paint finishing polishes and compounds, and paint application systems. Complementary acquisitions such as this support 3M's growth strategy to strengthen its core businesses and expand into adjacent markets.
    Meguiar's is headquartered in Irvine, Calif., and employs approximately 115 people. The transaction is expected to be completed in the fourth quarter subject to customary closing conditions, including regulatory approvals.
    Sawaya Segalas & Co., LLC acted as exclusive financial advisor to Meguiar's Inc.

    About Meguiar's Inc.
    For over 100 years, Meguiar's Inc. has been providing Car Crazy people with specialized state-of-the-art formulations for making the appearance of cars "show car perfect." Chosen by 20 out of 24 "Best of Class" winners at the 2008 Pebble Beach Concours d'Elegance, Meguiar's provides highly specialized products for every automotive surface, including paint, wheels, tires, and interiors. As part of its passionate support for the car hobby, Meguiar's sponsors more than 11,000 car shows globally and produces Meguiar's Car Crazy Television and Radio that represent car enthusiasts worldwide.

    About 3M
    A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M's core strength is applying its more than 40 distinct technology platforms -- often in combination -- to a wide array of customer needs. With $24 billion in sales, 3M employs 79,000 people worldwide and has operations in more than 60 countries. For more information, visit www.3M.com.

    _________________________________________________________________

    Here are a few points to take away from this announcement...

    - Barry Meguiar will continue to lead the company with his PASSION and the legacy of Meguiar’s will continue with even more support for the car hobby & car enthusiast.

    - We take our responsibility to the industry very seriously and want to assure you that 3M enthusiastically shares our passion and commitment to innovation, quality and service.

    - Our plan moving forward is to continue to support you as we have in the past by providing the same high quality products and service you’ve come to expect.

    - Together, Meguiar’s and 3M will deliver a more complete product offering to auto enthusiast, car detailing and professional markets.

    - We are excited about our future and look forward to continuing to serve you.



    Mike
    Mike Pennington
    Director of Global Training, Events and Consumer Relations
    Meguiar's, Inc.
    800-854-8073
    mpennington@meguiars.com

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    Avatar Czar Ryan L.'s Avatar
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    Re: NEWS RELEASE - 3M to Acquire Meguiar's, Inc.

    So how are things like the Saturday and Thursday night classes going to be handled? Online Forum? Still located in Irvine?

    Ryan
    Attack life, it's going to kill you anyway.

    This is your life. Choose to live it to the fullest.

  3. #3
    Director of Global Training, Events & Consumer Relations Mike Pennington's Avatar
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    Re: NEWS RELEASE - 3M to Acquire Meguiar's, Inc.

    No changes....

    That's the beauty

    Mike
    Mike Pennington
    Director of Global Training, Events and Consumer Relations
    Meguiar's, Inc.
    800-854-8073
    mpennington@meguiars.com

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    Avatar Czar Ryan L.'s Avatar
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    Re: NEWS RELEASE - 3M to Acquire Meguiar's, Inc.

    Quote Originally Posted by Mike Pennington View Post
    No changes....

    That's the beauty

    Mike
    Now that is some GREAT news!! Sweet.

    Ryan
    Attack life, it's going to kill you anyway.

    This is your life. Choose to live it to the fullest.

  5. #5
    Registered Nappers Nappers's Avatar
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    Re: NEWS RELEASE - 3M to Acquire Meguiar's, Inc.

    I just hope the bean counters leave everything alone and know they have a good thing with Meguiar's!
    Philippians 2:14 - Do all things without grumbling or questioning,

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    Avatar Czar BlueZero's Avatar
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    Re: NEWS RELEASE - 3M to Acquire Meguiar's, Inc.

    Thanks for the info Mike!

    I really think this could be a great opportunity. I'm looking forward to what the future brings!
    Scott

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    Registered Member Chex's Avatar
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    Re: NEWS RELEASE - 3M to Acquire Meguiar's, Inc.

    So, is this a strategic alliance between both companies?
    " Sometimes logic is your friend (Mike-In-Orange)"

  8. #8
    Director of Global Training, Events & Consumer Relations Mike Pennington's Avatar
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    Re: NEWS RELEASE - 3M to Acquire Meguiar's, Inc.

    Quote Originally Posted by BlueZero View Post
    Thanks for the info Mike!

    I really think this could be a great opportunity. I'm looking forward to what the future brings!


    Mike
    Mike Pennington
    Director of Global Training, Events and Consumer Relations
    Meguiar's, Inc.
    800-854-8073
    mpennington@meguiars.com

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    Registered Member c5rick's Avatar
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    Re: NEWS RELEASE - 3M to Acquire Meguiar's, Inc.

    Quote Originally Posted by Nappers View Post
    I just hope the bean counters leave everything alone and know they have a good thing with Meguiar's!
    I worked for a small company with a wordwide presence. Four years ago one of the largest companies in the world bought us. We were told through the entire process how great this would be for us... I'm still waiting
    Rick

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    Registered Member AeroCleanse's Avatar
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    Re: NEWS RELEASE - 3M to Acquire Meguiar's, Inc.

    What a shame

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